MILAN, Italy Poltrona Frau SpA CEO Giuliano Mosconi said the luxury Italian furniture maker intends to use money raised from its initial public offer launched Monday to finance new products, stores and marketing around the world.

Poltrona Frau expects to raise up to €88 million (US$111.9 million) by selling 35 percent of the company’s shares on the market. The IPO, which closes on Nov. 10, has a price range of €1.80 to €2.20 per share, valuing the company between €252 million (US$320.47 million) and €308 million (US$391.68 million).

Mosconi said he expects furniture sales to rise from €246 million (US$312.84 million) recorded in 2005 to up to €400 million (US$508.68 million) in 2008, confirming targets previously stated in the company’s 2006-2008 industrial plan.

The company’s majority shareholder, Luca Cordero di Montezemolo, said management is grooming Poltrona Frau to become a world renowned name in furniture for its expertise in Italian design.

MILAN, Italy Poltrona Frau SpA CEO Giuliano Mosconi said the luxury Italian furniture maker intends to use money raised from its initial public offer launched Monday to finance new products, stores and marketing around the world.

Poltrona Frau expects to raise up to €88 million (US$111.9 million) by selling 35 percent of the company’s shares on the market. The IPO, which closes on Nov. 10, has a price range of €1.80 to €2.20 per share, valuing the company between €252 million (US$320.47 million) and €308 million (US$391.68 million).

Mosconi said he expects furniture sales to rise from €246 million (US$312.84 million) recorded in 2005 to up to €400 million (US$508.68 million) in 2008, confirming targets previously stated in the company’s 2006-2008 industrial plan.

The company’s majority shareholder, Luca Cordero di Montezemolo, said management is grooming Poltrona Frau to become a world renowned name in furniture for its expertise in Italian design.

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